The European Parliament approved a 90 billion euro loan on Wednesday to help Ukraine in the war against Russia, particularly in the area of weapons procurement.
Members of the European Parliament supported the loan, which covers the years 2026 and 2027, with a majority of 458 votes in favor, 140 against, and 44 abstentions.
The funding will be provided through a loan from the European Union via the financial markets, with its interest to be repaid from the EU budget.
European Parliament
The European Parliament is the directly elected legislative body of the European Union, first established as the Common Assembly of the European Coal and Steel Community in 1952. It gained its current name and expanded powers with the Maastricht Treaty in 1993, evolving from a consultative assembly into a co-legislator with the Council of the European Union. Its members are elected every five years by voters across all EU member states.
Ukraine
Ukraine is a country in Eastern Europe with a rich history dating back to the medieval state of Kyivan Rus. It has experienced periods of independence as well as rule by various empires, before regaining its sovereignty in 1991 following the dissolution of the Soviet Union. The nation is known for its distinct cultural heritage, including traditions in music, art, and Orthodox Christianity.
Russia
Russia is the world’s largest country by area, spanning Eastern Europe and Northern Asia. Its history is marked by the rise and fall of the Kievan Rus’, the Tsardom of Russia, the Russian Empire, the Soviet Union, and the modern Russian Federation established in 1991. It is renowned for its vast landscapes, rich cultural heritage in literature, music, and art, and its influential role in global geopolitics.
European Union
The European Union (EU) is a political and economic union of 27 European countries, founded to foster cooperation and prevent conflict after World War II. It originated with the European Coal and Steel Community in 1951 and has since evolved into a single market with common policies and a shared currency, the euro, used by many member states.
